reports
- Francesca Ferragina
Retail Estates/Cautiousness on tenants and consumers/BUY
While 1H results were overall good with guidance being reconfirmed, RET showed some level of cautiousness on tenants and consumers' environment. Certain tenants' profitability appears to be under pressure, while consumers have a more cautious approach to spending. On a positive note, out of 22 stores left empty from problematic tenants (out of a total of >1000 store), 11 already have a new occupier. For contracts that are to be renegotiated over the next 6 to 12 months, there are no discussions ...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Wim Lewi
Retail Estates 1H24/25 Results, managing the reletting well
RET reported its 1H24/25 results (September end) slightly below our estimates. EPRA Net profit grew 1.9%. EPRA EPS amounted to EUR 3.12 vs. our expectation of 3.16. NRI grew 4.6% to 70.6m vs. 72.2.9m expected. Occupancy declined slightly to 97.6% from 97.9%. Retail Estates was confronted with some bankruptcies in the toy (Fun) and fashion (Euro Shoe) segment, but has so far managed the re-letting extremely well. These bankruptcies have soured the sentiment on the stock. However, RET confirmed i...
- Hilde Van Boxstael
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Francesca Ferragina
Retail Estates/A resilient portfolio with growth ambitions/BUY
We confirm our positive stance on Retail Estates and raise our target price from €72 to €74. In our view, the full year results were good overall and the c.3% LFL portfolio revaluation indicates the strong resilience of this retail niche. FY25 guidance did not surprise being in line with our numbers and largely positive, anticipating 3% YoY top line growth and 2% DPS increase. Retail Estates reiterated its aim to acquire assets in a new market if a good opportunity arises and is open to a contri...
- Wim Lewi
Retail Estates Conference Call Feedback
Positive mood in the call as RET realised the highest profit on record and confirms that it has digested the COVID period well and experts are catching up to this reality. On the CiK in BXL, no more details were given, but the estimated investment value is set at 40m (top of our estimate range). Entering a new country was mentioned again, but prices are still not where they can act upon (close to financing cost), but as the P/NTA discount decreases, chances can open up over time.
- ING Helpdesk
- Hilde Van Boxstael
- Lynn Hautekeete
- Wim Lewi
- Wim Lewi
Retail Estates FY23/24 Results: In line on lfl basis, aiming for a ret...
RET reported its FY23/24 results (March end) more or less in line with our estimates. EPRA Net profit grew LfL 9.77% yoy (excl. FBI refunds). EPS amounted to EUR 6.18 a LfL growth of 6.81%. We expected an EPRA EPS of EUR 6.28. The cost of debt rose to 2.3% (vs. 2.2% expected). NRI however surpassed our expectation at 138.8m vs. 137.9m expected. RET indicates it is considering a contribution in kind for a retail park in the Brussels periphery (no financial details). We estimate a 20-40m investmen...
- Inna Maslova
Retail Estates - FY23/24 solid, guiding for more growth
FY23/24 closed end March 2024. EPRA earnings up 9.77% on a LfL basis (excl. impact of the FBI provision reversal in the previous financial year, flat otherwise) to EUR 88.4m. On a per share basis, the result was up 6.8% YoY on a LfL basis to EUR 6.18, below our EUR 6.59 estimate. The difference with our estimate primarily stems from higher corporate and interest expenses.Portfolio value was up 2.96% on a LfL basis to EUR 2.03bn. EPRA NIY stands at 6.61%, down 18bps.The company is considering an ...
- Wim Lewi
Retail Estates Out of Town stands its ground in an online world
In recent decades, OOT stores have become an integral part of the BE/NL retail sector ranging from large supermarkets to specialized retail chains. Traffic congestion around retail parks and the negative impact on inner city retail have become concerns, but OOT stores and retail parks remain a popular shopping destination. They withstood the e-commerce acceleration during COVID. In this note we discuss how the OOT segment adapted to the new online reality and managed to maintain high occupancy r...
- Lynn Hautekeete
- Wim Lewi
Real Asset Conference Soundbites 19-20 March 2024
This note gathers feedback from the group meetings and the break-out sessions. In total 23 companies presented in group meetings and/or break-out sessions. More than 100 guests found their way to the venue and some more followed virtual meetings. Physical attendance is clearly on the rise after the COVID disruption. Investing remains a people's business. The 4 break-out sessions made for informative additions to the C-level meetings and a nice platform for discussion. Tuesday morning concentrate...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Wim Lewi
KBCS Real Assets Conference Book 2024
This conference book is your guide to the KBCS Real Assets Conference 2024. It offers a program, an intro to the break-out sessions and company profiles with financial data and some useful info. The break-out sessions aim to educate and contemplate on certain trends. Last year we hosted “Energy as a business”. This year, we offer 4 break-outs on hot topics.
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
RET RETAIL ESTATES NV
ELI ELIA GROUP SA/NV
MONT MONTEA SCA
AED AEDIFICA SA
QRF QRF COMM
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
ASC ASCENCIO SCA
VGP VGP NV
TINC TINC COMM. VA
WDP WAREHOUSES DE PAUW SCA
FAST FASTNED
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
ASM International: 4Q23 preview, good year ahead. CFE: Preview - focus on quality of order book. CM.com: Preview 2H23/FY23. Just Eat Takeaway.com: Preview FY23, more profits ahead. PostNL: FY23 results, FY24 outlook well below, looks to improve LT performance. Proximus: BICS CEO let go after Telesign tensions, Niel/Iliad invest €1.2bn in Tele2. Retail Estates: Sound operational trends and portfolio valuation
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Wim Lewi
Retail Estates 3Q23/24: Trading update in line with guidance
Retail Estates reports its 3Q23/24 trading update in line with the guidance. NRI over 9 months 23/24 amounts to EUR 103.03m, +11.8% YoY, vs. our expectations of 102.81m. The rental growth benefited from investments and indexation. EPRA EPS came in at EUR 4.68, +4.2% like-for-like vs last year. Corrected for FBI compensation, the average share count also increased by 3% and partly explains the lower EPS vs. NRI growth. The FY23/24 dividend was repeated at EUR 5.00, in line with our estimate. Th...
- Inna Maslova
Retail Estates - In-line Q3 with dividend guidance confirmed
Q3 results closed end December. EPRA Earnings stood at EUR 67.36m, up 2.3% YoY, with per share result at EUR 4.68 (-1.3%, shares outstanding +3% YoY). Excluding the impact of one-off Dutch REIT tax refund received in FY22/23, EPRA EPS was up 4.2% YoY.Occupancy remains stable at 97.9%. Portfolio value reaches EUR 2.01bn (+6.5% YoY) as a result of Alexandrium Megastores acquisition closed in October 2023 (+EUR 81.5m) and positive portfolio revaluation (+EUR 40.4m, unchanged vs H1). EPRA NTA stood ...
- ING Helpdesk
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